Should I buy a new car if I only have $16,000 in my savings account?

I don’t want to take out a loan for it. I would like to buy a new car for myself (as my current car is too small and not very safe), but should I save more first? I would get a second-hand model. To give you some context, I’m 24 years old and I live out of home with a friend - split between us we pay $700 rent each... show more I don’t want to take out a loan for it. I would like to buy a new car for myself (as my current car is too small and not very safe), but should I save more first? I would get a second-hand model. To give you some context, I’m 24 years old and I live out of home with a friend - split between us we pay $700 rent each month. I am a full-time student and I work part time (earning $2,500 monthly, and I also receive fortnightly government youth payments of $400 every fortnight).

A used car would be better. You can buy something to get the job done, and it would probably be safer than what you have now. This way you can continue saving up money without pouring most of your savings into a new car. This way, in a couple of years, you can get yourself a nice new car, and have more models to choose from because you'll have more money saved up.

Go with a good used vehicle. Not to old or to many miles on it. New vehicles are not worth the cost. I buy factory remanufactured here. Most are 5year old high millage rental or company vehicles. Factory rebuilt. Motor trans, all to new specs. With warranty. Cost 1/2 of what a new vehicle does. Are rebuilt to new condition. Had great luck with them.

I would like a recommendation of where I can get a used car around 0 years old to keep things safe. My last vehicle included a Car Fox which I thoroughly enjoyed. It might driving at night down the long country roads quite pleasant as I felt secure knowing the car was reliable and thoroughly inspected to ensure it would not break down.

Your use of the term 'fortnight' and claim of receiving 'youth payments' is inconsistent with your use of $ instead of £.
$2500/month gross working 40/hours a week would be more than $15/hour. Your question doesn't add up.

New cars are a waste of money, I recommend a used car between 0-5 years old to keep things safe, I also would go for a vehicle that’s been certified and have a clear agreement with the seller incase of any issues. Never buy “as is” and thoroughly check the vehicle over to make sure there isn’t any issues. Ask to look under the hood, always check the floor to make sure it isn’t rusted out, test drive, listen closely for any unusual sounds and check for leaks.

You could also take over the payments on someone’s vehicle as well. Be safe

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Should I buy a new car if I only have $16,000 in my savings account?

I don’t want to take out a loan for it. I would like to buy a new car for myself (as my current car is too small and not very safe), but should I save more first? I would get a second-hand model. To give you some context, I’m 24 years old and I live out of home with a friend - split between us we pay $700 rent each month. I am a full-time student and I work part time (earning $2,500 monthly, and I also receive fortnightly government youth payments of $400 every fortnight).